GOLD got my May11 target of 1800 & bounced; 1760 destination?
Update of my 11May post that gold will fall to 1800 if 1833 does not hold. It bounced from 1800 but this may not last if DXY dollar index continues higher.
GC1 gold futures is doing a M-pattern & may retrace to 0.786 FIBO back down to 1760.
However, if DXY dollar tops out & retrace to 100 or 97, gold will be able to hold 1800 & rally back to 1920/1900 neck of M-pattern or even 2000.
Worst case scenario is 1670 although very unlikely considering a lot of funds will hedge against inflation.
Gold must hold the 1800 to 1833 zone to stay above a BIG WEDGE from 2020 & to remain bullish. Otherwise the odds increases that the ultimate bottom of wedge at 1670 may be retested.
Not trading advice
GC1 gold futures is doing a M-pattern & may retrace to 0.786 FIBO back down to 1760.
However, if DXY dollar tops out & retrace to 100 or 97, gold will be able to hold 1800 & rally back to 1920/1900 neck of M-pattern or even 2000.
Worst case scenario is 1670 although very unlikely considering a lot of funds will hedge against inflation.
Gold must hold the 1800 to 1833 zone to stay above a BIG WEDGE from 2020 & to remain bullish. Otherwise the odds increases that the ultimate bottom of wedge at 1670 may be retested.
Not trading advice